Car Loans for Chapter 13 Bankruptcy
Chapter 13 is designed for individuals with regular income who desire to
pay their debts but is currently unable to do so. The purpose of chapter
13 is to enable financially distressed individuals, under court
supervision and protection, propose and carry out a repayment plan to
creditors over an extended period of time.
Under chapter 13, you are permitted to repay creditors, in full or in
part, in installments over a three-year period, during which time
creditors are prohibited from starting or continuing collection efforts.
You may request, "for cause" the court to approve a plan for more than
three but no more than five years. Chapter 13 relief is available to any
individual, even if self-employed or operating an unincorporated
business, as long as the individual's unsecured debts are less than
$250,000 and secured debts are less than $750,000. If you need to
purchase an automobile while in a chapter 13 you must get a letter from
your trustee stating how much dept you can add to your current dept.
This some times can take up to a week to get. After you receive this
letter go to www.driverslane.com and apply on-line. After the special
finance manager secures a auto loan for you, the trustee’s will want to
review all documents and contracts prior to you signing anything.
Webmaster of Driverslane.Com
Car
Loans after Bankruptcy
